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Find out who your customers are, what makes them buy from you, and who your competitors are.
Every business uses marketing to advertise its product or service, whether it is an informal approach, such as word of mouth, or formal advertising, such as radio or print. Each business owner must decide what types of marketing will be most effective and how much money he or she can afford to invest in marketing activities. When planning a new business or a business expansion, you will need to identify your target markets and how you will reach them. Market research can identify the demographics of your potential customer base, enabling you to focus your marketing dollars on those activities and customer groups that are most likely to result in sales. This information can also help you choose a business location. Market research can assess your competition, giving you insight into how to position your new business for the greatest success. Marketing services, like legal and accounting, often require that you hire a professional to conduct research or create marketing materials. The SCWBC has established relationships with reputable marketing agencies under agreements that allow us to offer the small business owner a variety of marketing research, development, print, and other media services at a reduced price. Your business coach will help you create a marketing plan and then find a marketing agency that you are comfortable working with and that fits your budget. Our business coaches can help you understand new and innovative ways to reach new customers and increase your sales from current customers. They’ll help you identify your Unique Selling Proposition and brainstorm the most cost-effective ways to reach your market and increase sales. You may also wish to enroll in one of our marketing courses.. This is invaluable knowledge that you will draw on again and again as you run your business and come across more opportunities to cross-sell, differentiate your products and services, expand client value, and gain more market share. Getting Started If you are starting a new business, follow our proven four step plan If you are expanding a business, request a consultation with a business coach. |